USD/JPY: bulls prepare to fight

USD/JPY: bulls prepare to fight

2019-11-11 • Updated

Recommendation:

BUY 107.00

SL 106.45

TP1 107.85 TP2 108.15

On the daily chart, USD/JPY after reaching 127.2% target of AB=CD, bulls managed to take the pair out of the downtrend channel. Formation of “Wolfe waves” pattern will increase the odds of correction towards at least 107.85.

JPY1.png  

On H1, there are “Wolfe waves” and the “Shark” patterns. Their targets, including 113% of the “Shark” point at 108.15. A break of resistance at 107 will increase the possibility of advance to that levels.

JPY2.png

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